Regional Real Estate Investment Trust offloads Leeds site to Unite Students
British property firm Regional Real Estate Investment Trust exchanged contracts on Friday that would see it sell off one of its Leeds development sites to Unite Students for £10.5m.
The two storey, 21,000 square foot site, laid out for leisure accommodation at the time of the contract's exchange, was acquired by Regional in March 2016 as part of the Wing Portfolio, along with the adjacent 19 floor Arena Point office tower which the firm was continuing to invest in the refurbishment of.
Stephen Inglis, director of Regional, said, "While we continue to invest in the office development at Arena Point, we saw an opportunity to realise a circa £9m profit from the adjacent underdeveloped element of the site."
"Unite's development will be complementary to our continuing investment in Arena Point, an area undergoing significant regeneration," he added.
As of 1120 GMT, shares had gained 1.60% to 104.14p.